Homeowners in trouble are having mixed results applying for President Obama’s foreclosure prevention plan. (Source: CNN Money) In the four months since President Obama unveiled his foreclosure prevention plan, troubled borrowers have descended on their mortgage servicers looking for help. Most institutions only started accepting applications in April and report that they are overwhelmed by the response. Under the administration’s plan, people with little or no equity in their home can refinance to take advantage of today’s lower rates. The … Read More

(Source: Reuters) Toronto’s real estate developers are unhappy about a new law mandating “green” rooftops, arguing the city should have instead offered incentives to encourage the planting of grass and shrubs atop large new buildings. Toronto last month became the first major city in North America to pass a bylaw requiring that any new development with floorspace of more than 2,000 square meters devote between 20 and 60 percent of its roof to vegetation. The rule applies to residential, commercial, … Read More

(Source: Vancouver Sun) The recession brings out uncertainty in all areas and no more so than in housing. One question that has been raised is whether cutting back will affect new home buyers — can they, for instance, still expect high-end features like granite countertops and stainless steel appliance packages now the industry standard? “We cannot keep building the same product as yesterday,” Bob Rennie, a long- time Vancouver real estate agent, recently told the Vancouver chapter of the Urban … Read More

BuzzBuzzHomeJune 16, 2009 It is with pleasure and delight that I announce that after many many many months of hard work and long nights, BuzzBuzzHome has officially launched our website at www.buzzbuzzhome.com. BuzzBuzzHome is the most complete source of new project information in Toronto Canada (more cities coming soon!). BuzzBuzzHome is an interactive and user-friendly listing service for new condominiums, houses, and town-homes. Prospective purchasers get the information they need to take that next step – contacting the developer for … Read More

Homeowning women outweigh their renting counterparts by an average of 12 pounds (Source: Canada.com) Researchers discovered homeowners, on average, outweighed renters by 12 pounds. In addition to excess weight, female homeowners were also carrying around more aggravation, making less time for leisure, and were less likely to spend time with friends. “Home ownership can be a much more complex idea than just a straightforward expression of what we call the American dream,” says Grace Wong Bucchianeri, an assistant professor of … Read More

(Source: Financial Post) The housing market continued to rebound in May with a fourth consecutive increase in monthly sales, according to the Canadian Real Estate Association. The Ottawa-based group, which represents about 100 boards across the country, also said the average sale price of a home sold through the multiple listing service reached a new record of $319,757. Although prices did reach a record high last month, they are still up only 0.4% from a year ago. CREA says the … Read More

(Source: Wall Street Journal) Extended Stay Hotels, saddled with a huge debt burden from its $8 billion top-of-the-market buyout, filed for Chapter 11 protection Monday, in one of the largest bankruptcy filings by a commercial real-estate company. The filing, made in U.S. Bankruptcy Court for the Southern District of New York in Manhattan, came as a legal battle accelerated among the creditors who hold debt from the buyout by Lightstone Group LLC. Those lenders include Bank of America and its … Read More

(Source: Bloomberg) Canadian sales of existing homes rose for a fourth month in May, a realtor group said, citing low interest rates and increasing consumer confidence. Sales rose 8 percent from the previous month on a seasonally adjusted basis to 37,649 units, the Canadian Real Estate Association said today in a statement from Ottawa. The value of sales increased 9.9 percent during the month to C$11.4 billion ($10.1 billion). “Sales activity is now closer to the pre-recession peak than it … Read More

(Source: Calgary Herald) The rebound in resale housing activity in Canada is being led by an increase in transactions in some of the most expensive markets in the country, which is skewing the national average price upward, says the Canadian Real Estate Association. According to statistics released today, MLS sales of Canadian real estate boards totaled 49,521 units in May – less than one per cent below activity in the same month one year ago. The association said year-over-year declines … Read More

This has nothing to do with real-estate, but is just so darn cool!